Hildene Opportunities Master Fund, Ltd. v. Arvest Bank, No. 17-1702 (8th Cir. 2018)Annotate this Case
Hildene filed suit against Bannister and Arvest, alleging that the asset purchase transaction between Bannister and Arvest breached the "successor obligor" term of an indenture agreement between Bannister and U.S. Bank National Association as trustee and that Arvest tortiously interfered with the Indenture. The Eighth Circuit affirmed the district court's grant of summary judgment, holding that the asset purchase transaction did not violate the Indenture. The court held that the plain meaning of the word "property" in this context was property directly owned by Bannister, the "company" that signed the Indenture; and Bannister's "property and capital stock" did not include assets of Bannister subsidiaries. The court also held that the district court did not err in dismissing plaintiff's tortious interference claim against Arvest because Bannister did not breach the Indenture's successor obligor provision.